About Pippin Aint Easy

Like the title of this blog suggests, grabbin' pips in the Forex markets is easier said than done. This technical analysis blog will allow you to check out how I see currency price action playing out and chart patterns forming in real-time.

This is the true story of one man, picked to live in front of his computer screen and find ways to make money off the Foreign Exchange. See what happens when markets stop being polite, and start being real!

Daily Chart Art – August 23, 2010

It looks like EURUSD is sportin’ a new bling bling! Is that a bearish pennant I see? Also, it seems that bearish divergence may be starting to form. Still, I wouldn’t put my rims on the line just yet! The pair seems to be testing support at 1.2700. But the psychological handle maybe too much for sellers to break through! Look for a solid candle close below the recent lows as a sign that the pair is breaking lower.

USDCHF: 1-hour

Check out USDCHF y’all! Doesn’t it look snappy with those Fibs? It looks like there could be a retracement in the works after the pair seemed to have found resistance at the 50% Fibonacci level. Then again, stochastics suggests that the buyers may have the upper hand as there appears to be possible bullish divergence forming. Uh oh! If the pair trades below the resistance turned support at the 38.2% Fib, it may be a signal that selling pressure is kickin’ back in. But if stochastics turn and cross on the oversold territory, confirming that bullish divergence, then we may just see buyers jump back in.

EURCHF: Daily

Last but not least, let’s look at the EURCHF cross pair. It looks like the franc has been taking the euro to school, as EURCHF is now approaching the all-time lows established earlier this year. Will the pair find support at 1.3075 before rising back up? After all, stochastics is indicating severely oversold conditions. We may just see bounce from the support level! Then again, if selling pressure remains strong, who knows where this pair could be headed!

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